How To Calculate Human Life Value In Insurance?

What is Human Life Value?

Human Life Value (HLV) is the monetary value of a person's life based on their future earnings potential. It is the amount of money that an individual would need to earn in their lifetime to provide for their family's current and future financial needs, taking into account inflation and other factors.

To calculate HLV, several factors are considered, including the person's age, gender, education level, occupation, income, and potential for career advancement. The calculation also takes into account the individual's future earning potential, as well as any expenses that would be incurred over their lifetime, such as education costs, healthcare expenses, and retirement savings.

How to Calculate Human Life Value Formula?

The calculation of the human life value formula is not an easy task. However, there are some basic steps that you can follow to calculate the formula.

• Current age – Age should be calculated on the basis of the last birthday.
• Retirement age – At what age you would be retiring.
• Educational Qualification – Graduate and Non-graduate
• Annual income – Income from all the sources
• Monthly expense – All the expenses incurred in a month
• Existing insurance cover – if you have taken any other life insurance policy
• Liabilities- this can include any outstanding loans such as Home loans, Personal loans, and any other type of loans.

How to Calculate Human Life Value?

The human life insurance value calculator is the best tool to decide the sum assured to be taken by the customer as it takes into consideration all the factors. There are two different ways to calculate human life value; one is the income replacement method and the other is the need-based method.

How to Download Max Life Insurance Premium Receipt Online?

• Step 1: Open Google and Search for the “Max Life Insurance Customer Services” portal.
• Step 2: Click on Download Premium Receipt and then Log in to your account by using your policy number or client ID and date of birth.
• Step 3: Then click on the “Submit” button to request OTP.  Enter the OTP received to your registered mobile number and email.
• Step 4: Once logged in to your account, select premium receipts and year and then click on generate.
• Step 5: You can download your Max Life Insurance Premium Payment Receipt by selecting your policy or you can send it to your registered mobile number.

Also read to know more about Max Life Insurance: Premium Receipts, Surrender Value, Auto Pay

How to Check LIC Claim Status Online?

To check your LIC Life Insurance policy claim status online, follow these steps:

• Visit the official LIC life insurance official website.
• Log in to your LIC account using your username and password. If you don't have an account, you may need to register first.
• Once logged in, click on “Claim Status” on the life side menu.
• Then you will be able to check the status of your claim displayed on the screen. It will indicate whether your claim is under process, approved, or rejected.

How Can I Surrender My LIC Policy Online?

The process of surrendering an LIC life insurance policy online is easy. To surrender your LIC life insurance policy online, send an email to LIC life insurance customer service with the reason for surrendering the policy along with the required policy details and other documents. Once the surrendering form is submitted to the insurance provider, they will surrender the policy. The surrendering process may take some time to complete. Wait for confirmation from LIC Life Insurance that your policy has been successfully cancelled. Once the refund application is approved the refund amount is credited to your account. 

How to Check Fund Value of LIC Life Insurance Policy Online?

To check the fund value of your LIC (Life Insurance Corporation of India) life insurance policy online, follow these steps:

• Go to the official website of LIC.
• If you have already registered on LIC’s portal, log in using your username and password. If you haven't registered yet, you may need to create an account.
• Once you are logged in, navigate to the section that provides your policy details.
• After accessing your policy details, there should be an option to view the fund value of your policy.
• Additionally, you might be able to see the allocation of funds across different investment options if your policy offers multiple investment choices.

How to Download Edelweiss Tokio Life Insurance Statement?

To download an Edelweiss Tokio life insurance policy statement, you typically need to follow the below steps.

• Visit the official website of Edelweiss Tokio Life Insurance Company.
• Log into your account by providing your policy number and date of birth.
• If you haven't registered for an online account, you may need to create an account.
• Once logged in, find the option to download or view your policy statement.
• Verify that the document includes details such as policy coverage, beneficiaries, premiums, and any other relevant information.
• Then click on the relevant button to download the policy statement.
• If you encounter any issues, consider reaching out to your insurance company's customer support. They may be able to assist you in obtaining the necessary statements.